DTCC hosted its 20th annual Global Tax Forum, an interactive exchange of ideas and information, on Friday, May 3.
The 150 DTCC clients and tax professionals in attendance heard from industry experts representing leading banks and financial organizations, presenting on complex issues such as the collection and management of tax withholdings, Foreign Investment in Real Property Tax Act (FIRPTA) challenges, cross-border taxation, intergovernmental agreements and innovative solutions developed by DTCC to help clients comply with regulations.
Nardeo Ganesh, Executive Director, DTCC Settlement and Asset Services, introduced the day with a retrospective look back on the significant events that shaped the industry 20 years ago, including implementation of the IRS 1441 Regs, the Y2K project, the NASDAQ hitting an all-time high of 4000 and the DJIA at 11,000, the introduction of the Euro currency, and of course, the launch of The Depository Trust & Clearing Corporation (DTCC) – at that time, a brand new holding company that brought together The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC).
“Who could have ever predicted from that first Global Tax forum in 1999 that we’d still be meeting, still juggling resources for massive technology projects, still debating the challenges of implementing new regulations and compliance?” Ganesh said. “But industry collaboration is vital to help us develop and implement solutions. We are pleased to be celebrating 20 years of collaboration with all of you.”
The half-day program, held at the Convene Conference Center on Old Slip in lower Manhattan, featured clients and industry organizations, such as banks, accounting firms and law firms. Speakers and tax subject matter experts included DTCC, Broadridge, Bank of America Merrill Lynch, Citi, Fasken, DLA Piper, PwC and Globe Tax Services. Other topics and presentations included:
- DTCC’s 871(m) Announcements
- Puerto Rico Withholding and Reporting Challenges
- Canadian Withholding Tax Changes on Cross-border Securities Lending
- Recap of US Tax Withholding & Information Reporting for 2018
- Foreign Investment in Real Property Tax Act (FIRPTA) Operational Challenges
- GlobeTax Market Update
“The Global Tax Forum is an invaluable opportunity to come together once a year to understand what is happening on the regulatory front, and discuss challenges and implications of this evolving tax landscape,” said Ganesh. “We look forward to building another 20 years of successful relationships in the industry.”